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Mexico: Mexico seeks to expand alternative trade partnerships following US tariffs
Mexico is seeking to expand its exports to international markets including Asia to reduce its dependency on the U.S. in the wake of President Donald Trump's shakeup of global trade. In November 2024, when then President-elect Donald Trump was threatening higher tariffs, Mexican companies registered growth in exports to several Asian countries. According to the country's central bank Bank of Mexico (BdeM), exports to many Asian countries, including the Philippines, Singapore and Thailand, saw double-digit growth. Data from the Observatory of Economic Complexity show that Mexican exports to China increased at an annualized rate of 4.97 percent, from 11.8 billion dollars in 2018 to 15 billion dollars in 2023. Efren Calvo, executive president of the Mexican Chamber of Commerce in China (MEXCHAM), said Mexico's pivot away from dependency on its neighbor is now more crucial than ever. At the Center for Chinese-Mexican Studies, Enrique Dussel Peters, coordinator of the Center for Chinese-Mexican Studies, said many companies doing business in Mexico are U.S.-owned, and they are major customers for Chinese manufacturers. Dussel and other trade experts said efforts by Trump to block trade between Mexico and China could backfire, placing an immense amount of pressure on U.S. companies to immediately substitute all manner of Chinese products with ones made in more expensive countries, like the United States. Shotlist: Mexico - Recent: 1. Various of containers, container ships; 2. Various of Efren Calvo, executive president of Mexican Chamber of Commerce in China, in interview; 3. SOUNDBITE (Spanish, dubbed in English) Efren Calvo, executive president, Mexican Chamber of Commerce in China: "We have unnecessarily wed ourselves to the United States. 80 percent of our exports depend on them. We must have diversification. Our first female President, a scientist, understands this. And she is looking for new ways to operate."; 4. Various of avocado processing line in factory; 5. Various of electronics production line; 6. Various of Enrique Dussel Peters, coordinator of Center for Chinese-Mexican Studies, in interview; 7. SOUNDBITE (English) Enrique Dussel Peters, coordinator, Center for Chinese-Mexican Studies (MEXCHAM) (starting with shot 6): "70 percent of Mexican imports are being pursued by transnational corporations, foreign corporations, mainly U.S.-American corporations. So, the main importers of parts and components for telecommunications, electronics, auto parts, …
‘Punched in the nose’: Trump policies fuel sense of ‘anger,’ ‘betrayal’ in Canada
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USA TODAYflipped into Top StoriesTrump tariffs and drugs: How a trade war with China could worsen medicine shortage
As President Donald Trump on Thursday contemplated extending a global trade war to imports from Europe, the health-care industry is gauging potential fallout from tariffs levied on goods imported from China. Health analysts and generic drug manufacturers said the 20% levy from two rounds of tariffs …
